Half Year 2024 Impala Platinum Holdings Ltd Earnings Call Transcript
Key Points
- Operational leaders achieved a 2% increase in ounces produced, excluding Impala Rustenburg.
- Impala Bafokeng managed a 1% reduction in cash cost despite production challenges.
- Refined ounces sold increased by 12%, indicating strong operational performance.
- Operating cost increased by only 3%, showcasing stringent cost control.
- Capital investment aligned with the capital program, increasing to ZAR 6.8 billion.
- Revenue declined by 32% due to a significant drop in PGM prices, particularly palladium and rhodium.
- The company experienced a negative cash flow of ZAR 4.8 billion.
- Impala Bafokeng and Zimplats reported significant negative cash flows.
- The tragic incident at 11 Shaft resulted in the loss of 16 lives, impacting morale and operations.
- The company faces potential restructuring and job cuts due to the challenging market environment.
Good morning, everyone. Very welcome to the Impala Platinum 2024 Half Year Results Presentation. A special word of welcome to everybody joining us on Chorus Call and also those watching on the webcast. As usual we would start the proceedings by a small context of the results, after which we will make sure there's enough time for Q&A. I'll start in the room first here today, and then we'll go to Chorus Call. But there's also an opportunity, if you're watching on the webcast to lodge your questions and we'll read that out and we'll try and answer as much as we can.
With me today, I've got our CEO, Nico Muller; CFO, Meroonisha Kerber; and also our COO, Patrick Morutlwa. So without further ado, I'd just like to start by reflecting on the tragic events that occurred at our 11 Shaft in the reporting period and the 16 colleagues that passed tragically at our operations during that. But also everybody else that was impacted in the mining industry over the course of the year. So if I can just ask everybody to perhaps
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